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Tennessee tax revenue beats August estimates by $268M

Tennessee tax revenue beats August estimates by $268M
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Tennessee tax revenue eclipses $1.5B in May


(The Center Square)—The state of Tennessee brought in $1.6 billion in tax revenue in May, which was 38% more than the budgeted estimate.
Through 10 months of accrual in the fiscal year, the state collected 99% of the tax revenue it budgeted to receive the entire fiscal year, with $14.7 billion collected and $14.9 billion budgeted, according to the nonprofit Sycamore Institute.
Excess tax money will remain in the state’s general fund until the Tennessee legislature earmarks it against an expense.
“Just as April tax revenue receipts revealed substantial growth, May state tax revenues continue to reflect extraordinary increases compared to this same time last year when most economic activity was weakened because of the pandemic,” said Tennessee Department of Finance and Administration Commissioner Butch Eley in a statement. “When comparing May 2021 tax growth to May 2019, the monthly growth is 34.5% rather than the 59.8% growth over May 2020. ....

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